Craig-Hallum bullish on Ironwood, initiates with a Buy

As previously reported, Craig-Hallum initiated coverage of Ironwood with a Buy rating and $21 price target. The firm thinks Ironwood’s shares are about to break out of their decade-long range on the back of recently acquired apraglutide. With existing relationships and a proven team, Craig-Hallum expects the launch of apraglutide to be quite efficient and accretive to shareholder value. Moreover, it believes this GI infrastructure and leadership position can be leveraged for future pipeline asset launches and acquisitions. To put it simply, the firm sees apraglutide as just the start, and Ironwood developing into a mid-cap pharmaceutical company over the coming years to the benefit of shareholders.